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Hudson, Inc. is a calendar-year corporation. Its financial statements for the years 20 I 5 contained errors as follows: (I) By how much will 20

Hudson, Inc. is a calendar-year corporation. Its financial statements for the years 20 I 5 contained errors as follows: (I) By how much will 20 I 5 income before taxes be overstated or understated? (2) By how much will current asset at December 31, 2015 be overstated or understated?image text in transcribed

Part C. (4 marks) Hudson, Inc. is a calendar-year corporation. Its financial statements for the years 2015 contained errors as follows: 2015 Ending inventory $3,000 overstated Depreciation expense $2,000 understated (1) By how much will 2015 income before taxes be overstated or understated? (2) By how much will current asset at December 31, 2015 be overstated or understated

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